Boeing's Chairman believes ExIm Bank will be reauthorized

Boeing’s Chairman and former CEO is making it clear he believes ExIm bank will receive approval to once again provide finance to foreign purchasers of US-manufactured goods. Without such financial support, a number of major US manufacturers would be put at a financial disadvantage in a highly competitive environment, including Boeing, Caterpillar and General Electric. McNerney is also convinced that more Boeing work would move offshore if Congress failed to reauthorize ExIm. The bank’s charter lapsed on June 30th this year after US Congress conservatives presented it as a promoter of “crony capitalism.”
“I think it’s inevitable,” McNerney said. “As someone who has always made the decision to build domestically, you’d have to evaluate some parts of your supply chain or yourself being able to access some financial support that is not available here in this country,” continuing “I don’t have a plan for this because I think it’s going to be reauthorized. But it’s those kinds of pressures, no question about it.”
There is concern among Boeing’s workers over the proposed opening of a finishing facility in China. The company see this facility as a means to offer more to the end customer, in this case the Chinese, who currently represent an extremely lucrative market which is shared equally between Boeing and Airbus. “The finishing centre is more of a customer move,” McNerney said, referring to airlines. “The finishing centre is designed not to produce a number of jobs. We will continue to buy more from China as their capability continues to grow.”
Airbus already have a facility in China whichyv was opened in 2008 and it has been estimated that as far as Boeing is concerned the future potential market has a value of US$1 trillion over the next ten years. However McNerney has warned that the loss of ExIm financing would place Boeing at “a significant disadvantage” in roughly 10% of its sales competitions worldwide “because we would not meet the terms of the RFP (request for proposal)” that Boeing’s competitors would be able to.